Forex dealers said selling of the American currency by exporters supported the rupeeMumbai:The rupee appreciated by 11 paise to 70.81 against the US dollar in opening trade on Tuesday, driven by weakening of the greenback in overseas markets and fresh foreign inflows.
The rupee opened lower at 70.95 at the interbank forex market, but recovered to touch70.81 amid a weak opening in domestic equities, advancing by 11 paise against the dollar compared with its previous close.Forex dealers said selling of the American currency by exporters supported the rupee.The domestic forex market and equity market were closed Monday on account of Mahashivratri.Forex traders said fresh foreign fund inflows and easing crude prices also supported the rupee.Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 198.38 crore on a net basis Friday, as per provisional data.Brent crude futures, the global oil benchmark, eased 0.49 per cent to $65.35 per barrel.The rupee had on Friday weakened by 20 paise to close at 70.92 against the US dollar.